Key Highlights of the Framework
The IFSCA has released a detailed framework for ancillary services supporting the BFSI industry in GIFT City IFSC. Here's an outline of the major aspects:
Eligible Ancillary Services:
Ancillary services refer to those that directly or indirectly support, aid, or strengthen the BFSI industry. These include:
Legal, Compliance, and Secretarial Services:
Legal Advisory Services: Offering legal opinions, drafting documents, and representing entities before IFSCA.
Legal Documentation and Certification Services: Preparation and certification of legal documents like contracts and charters.
Other Legal Advisory and Information Services: Providing legal rights advisory, escrow, and settlement services.
Compliance and Secretarial Services: Assistance in fulfilling legal obligations and secretarial services under applicable laws.
Professional & Management Consulting Services:
Professional Services: Advisory for entities within and outside IFSC regarding financial products, business activities, and capital raising.
Management Consulting Services: Guidance on business policy, strategy, financial management, and marketing.
Administration, Assets Management Support, and Trusteeship Services:
Administration Services: Support in safeguarding and administering financial products.
Assets Management Support Services: Maintenance services for physical assets and support for Asset Management Companies.
Other Services: As approved by IFSCA, including voice broking and ship broking for entities in IFSC or foreign jurisdictions.
Eligible Clients:
Service providers can offer services to:
Entities in the IFSC
Foreign financial services entities for activities in IFSC or overseas
Indian entities operating in IFSC or abroad, with payments in foreign currency
Structure and Currency:
Entities eligible for registration include companies, LLPs, corporates, partnership firms, and existing Indian branches. Transactions must be in foreign currency, though administrative expenses can be in INR.
Books of Accounts and Reporting:
Service providers must maintain records in declared foreign currency and submit annual financial statements and compliance confirmations to IFSCA.
Fees and Tax Benefits:
Application Fee: $1,000
Registration Fee: $1,000
Annual Fee: $1,000
Tax benefits include 100% tax exemption on business profits for 10 years out of the first 15 years and a reduced MAT rate of 9%.
For more details, visit the blog
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